said "This decision will allow us to invest more into our people and our stores — the only way to create long-term value for all stakeholders." Repurchases account for a small fraction of the trading volume in a typical stock, making their price impact too small to generate short-term price manipulation. The price increase after buybacks is modest and does not reverse on average, suggesting that the small price increases following repurchases signal the companies' good prospects. There is also no evidence that CEOs of repurchasing firms are overpaid or that repurchases crowd out valuable investment opportunities. Notes Further reading Andriosopoulos, Dimitris, and Meziane Lasfer. "The market valuation of share repurchases in Europe". Journal of Banking & Finance 55 (2015): 327–339. online Jun, Sang-gyung, Mookwon Jung, and Ralph A. Walkling. "Share repurchase, executive options and wealth changes to stockholders and bondholders". Journal of Corporate Finance 15.2 (2009): 212–229. Schumpeter, "Six muddles about share buy-backs: Stock repurchases by American firms are on the rise. So is the confusion surrounding them". The Economist 31 May 2018. Wesson, N., B. W. Bruwer, and W. D. Hamman. "Share repurchase and dividend payout behaviour: The South African experience". South African Journal of Business Management 46.3 (2015): 43–54. Stock market Contexts for auctions